GPS and Mastercard help fintechs disrupt traditional banking
Global Processing Services, the global payment technology platform catering to a variety of fintechs, has announced a new strategic partnership with Mastercard.
The announcement expands on the two firms' long standing relationship stretching back over a decade.
Together, GPS and Mastercard have worked in partnership to launch and scale hundreds of card programmes for some successful and innovative fintechs in the world. This includes Revolut, Starling Bank and Curve, amongst many others across Europe and Asia-Pacific.
In January 2022, GPS announced a significant capital injection of over US$400 million providing GPS with a bench of experienced global growth investors including Advent International - through Advent Tech and affiliate Sunley House Capital - Viking Global Investors; Temasek, the global investment company headquartered in Singapore; and MissionOG, a US-based growth equity firm.
GPS states the company intends to invest strongly in international expansion and product development with an eye on new and fast-growing verticals where adoption continues to rise including digital banks, crypto, BNPL, open banking and cross border payments, and as a result, Mastercard has made a strategic investment into the company.
GPS plays a crucial role in enabling fintech customers of networks such as Mastercard to deliver a trusted and dynamic digital commerce experience to billions of consumers who use physical and virtual cards, and to do so quickly and securely.
According to the company, through GPS's modern and agile cloud-based technology, fintechs can access a diverse and expanding suite of modern open APIs that enable ambitious and disruptive players to scale at speed.
Fintechs can also access GPS's ecosystem of international partners, freeing them up to focus their time and resources on delivering improved customer experiences and continuous product innovation to disrupts and advances traditional banking, payment and lending services, the company states.
Mastercard executive vice president market development Europe, Jason Lane, says, “We are excited to be formalising our partnership with GPS, working with them to build the fintechs of the future. Mastercard has a long history of partnering with fintechs, ensuring we have the programmes, products and tools that every innovative financial company needs even as the sector continues to evolve.
"We provide the solutions and expertise to iterate with fintech companies at each stage, transform together and achieve scale at pace.
GPS chief executive officer Joanne Dewar says, “Our partnership with Mastercard is a resounding endorsement of our API-first payment technology platform and our bold vision for the future of payments.
"Together, for over a decade, we have helped to reliably scale many customers at speed. We welcome them as a GPS investor and we are ready to support many more future Mastercard fintech customers to scale into global businesses with the innovation, speed, and security they expect.